STRAITS TIMES
Silent Crisis: Carcosa's Housing Market
365 Via Alexandria Penthouse Goes for Record €286M While Urban Poor Live in Cages
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15 August 2017 08:00 | Ward 16, Carcosa
365 Via Alexandria rises above the city skyline in the evening.
Photo courtesy of @yellow_city_pics on Instagram.
The penthouse suite of 365 Via Alexandria, one of Carcosa's newest, tallest, and most luxurious apartment buildings, has sold for an eye-popping €286,550,000 to an unnamed buyer, according to reports today, as its previous owner, reality TV star Sofia al-Fersan, has apparently been forced to sell the penthouse to meet demands from a number of creditors after the implosion of her makeup brand. While the implications of this new liquidity for Ms. al-Fersan are unclear, the sale clearly marks perhaps the most extreme incident yet of Carcosa's out-of-control housing prices, brought on by a desperate shortage for land and high demand. Other apartments in the building have reportedly been going for north of €20,000,000, and its developers successfully used a number of intricate legal loopholes to circumvent rent control regulations on a certain percentage of its units, threatening the Carcosa Housing Authority with lawsuits when regulators seemed to threaten the building's construction. With several top officials facing corruption charges, and the Senate pondering cutting the CHA's funding over its seeming inefficacy in the face of growing housing problems, regulators backed down from the threat of legal action.
Ironically, some of the CHA regulators accused of corruption may have been involved in the market surrounding the the dark opposite to Ms. al-Fersan's spacious multi-million dollar penthouse- the infamous "cage apartments", whose existence began to be documented by the Straits Times and other outlets in 2014. While apartments in upscale developments like 365 Via Alexandria sell for millions of dollars, some unscrupulous landlords have made fortunes by cramming normal-sized units in quickly-constructed high-rises with cages or compartments, and charging Carcosa's working poor steep rents to live in these cages, which are rarely larger than a king-sized bed and often leave the tenant no room even to stand so that other such horrifying housing can be stacked on top.
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